Finding financial freedom

Being young means alot of different things to alot of different people. I should be going out Friday nights with "friends" or seeing the world. I hear all the time from people that I need to enjoy my youth and stop worrying about my future. Let me tell you that I need to worry about my future. I need to make sure that my finances and myself are taken care of. I know that I do not have any children, but I do have extended family. I have been told that I am the "staple" for young people. I was flattered but I am not that at all. If anything I am making sure that God Forbid, if anything happens to me that my family will not have to scramble to cover my mortgage or even my funeral expenses. Last month was month 4 for my savings and finance plan. I had to get a Living trust and a will. I did both. Currently I am making sure that it is legal and getting a lawyer at work to look over for me for free. Then I will get both signed a notarized. It was tough to make sure that I made the right decisions in leaving my belongings to my family. It had to be done. What I did was something that I want other young people to do, especially young married couples with children. They should also make sure that they have life insurance. I got a policy for 30 years big enough to cover my home, car, funeral, and any debt that I may have. I also noted in my will that the rest be split evenly between all of my nieces and nephews with stipulations of course. I urge any young couple out there to get a will and life insurance, if not anything else. You need that security, I know its tough to thing about but do it for your furture. If you want to do this for no cost at all; you can go to www.rocketlawyer.com they are running a promotion during the month of April and allowing people to create a free will.

Another thing that I did during the month of April was to move my savings account into a bank with a higher Annual Percentage Yield (APY) than what I did have. A great bank to go to for that would be Ally. I did my research before opening it, but after using only .005% APY with my old savings; I feel it was a good move with an APY of 1.00%...how in the hell could I resist not seeing more growth out of my money. Yet another good move for young couples with children. You could see more growth for your children's college or open a ROTH IRA for them as well and not have to pay taxes on it. Unfortunately with savings you will be taxed, no way around that one.

Something else to do is to see if your retirement at work (401K) is set at the amount to where if you leave they will match it. Mine was not, I had to increase my deferral from 1% to 3% to ensure that when I leave, it will be matched.

This whole financially stable adventure has been freeing. Its made me realize that I don't need to live check to check, what I need to feel safe knowing that I am financially secure on my own because the truth of the matter is...I am Single, Living and Loving life :)

"Do you now understand why you have to go back to class to learn about your money. Don't depend on others to save you..."  --Suze Orman